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BOA Closing Some Branches, Increasing Digital Operations

Responding to changes in the way its customers use its services, Bank of America plans to close up to 10% of its 6,100 branches nationwide, E. Scott Reckard and Jerry Hirsch report, as it simultaneously beefs up its online and mobile offerings.

Online banking, which initially was used mostly by younger customers, has caught on throughout the population, and BOA has been in the forefront of the trend. It was the first to offer free bill-paying services, for example, and last year the company began allowing customers to chat online with bank representatives 24 hours a day.

The company's 29 million online customers conduct more than 3 billion transactions a year. And mobile has exploded. "We have gone from zero to more than 2.8 million mobile [phone] banking customers in less than two years," says a spokesman.



Read the whole story at Los Angeles Times »

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